Odessa College Regular Meeting Tuesday, September 22, 2020 6:00 PM

AGENDA OF REGULAR MEETING

Odessa College Board of Trustees

Tuesday, September 22, 2020, 6:00 PM

Zant Community Room, 2nd Floor, Saulsbury Campus Center

1. Call to Order - Mr. Tommy Clark

2. Pledge of Allegiance: United States & Texas - Mr. Tommy Clark

3. Introduce New Employees - Ms. Lindsey Bryant

4. Approval of Minutes of Regular Meeting of August 25, 2020 - Mr. Tommy Clark 3

5. Action Items:

A. Public Comment on Proposed 2020 Tax Rate- Ms. Brandy Ham

B. Consider for Approval 2020 Tax Rate - Ms. Brandy Ham 9

C. Annual Review & Adoption of OC Investment Policy- Ms. Brandy Ham 10

D. Approval of List of Authorized Investment Business Organizations- Ms. Brandy Ham 27

E. Monthly Financial Statements & Budget Amendments - Ms. Brandy Ham 28

6. Informational Items:

A. Education Report: Ford Asset Program- Dr. Jennifer Myers & Dr. Tramaine Anderson

B. Institutional Effectiveness Report - Dr. Donald Wood

C. President's Report - Dr. Gregory Williams

1. Student Success Scholarship Campaign

2. Drive to Success Winner

3. Wrangler Food Pantry

7. Adjournment - Mr. Tommy Clark

______________________________

Gregory D. Williams, Ed.D., President

EXECUTIVE/ CLOSED SESSION: If during the course of the meeting, any discussion of any item on the agenda should

be held in executive or closed session, the Board will convene in such executive or closed session in accordance with the

Texas Open Meeting Act, Section §551.001 of the Texas Government Code.

Minutes of a Regular Meeting of the Odessa College Board of Trustees held Tuesday, August 25, 2020, in the Zant Community Room, Saulsbury Campus Center, with the following:

Present Absent Tommy Clark Richard Abalos Dr. Tara Deaver Neil Grape

Gary Johnson - Zoom Larry Johnson Bruce Shearer J. E. “Coach” Pressly

Meeting was called to order by Board of Trustees Chair, Mr. Tommy Clark, at 6:32 p.m. Pledge of Allegiance: United States & Texas

Mr. Clark led the group in the pledges. Introduce New Employees Ms. Lindsey Bryant, Director of Human Resources, introduced the following new employees: Dr. Tramaine Anderson- Vice President for Instruction Diana Gutierrez- Human Resources Specialist Alex Garcia- Construction Foreman Dr. Nikki Brown- Director of Law Enforcement Training Academy Rochelle Elfelt- Biology Professor Abigail Alarcon- Financial Aid Secretary Dr. Janice Hicks- Associate Vice President of Institutional Efficacy

Elizabeth Aguirre- Mover and Set Up Technician Ari Granado- Academic Partnerships Specialist Yanet Roman- Supplemental Instruction Tutoring Coordinator Misty Long- Director of Fire/EMS

Christin Mahaffey- Student Services Specialist Sam Anchondo- Pecos Center Director Celeste Robertson- Administrative Assistant to the Instructional Schools Stephanie Galindo- Student Services Specialist Kimberlee Moore- LVN Dual Credit Instructor Jeremiah Hernandez- Irrigation Technician Charles Quintana- Director of Teacher Education Evan Eustachy- Assistant Basketball Coach Franqua Bedell- Woman’s Basketball Head Coach Dr. John Stuart- Associate Professor Chemistry Dr. Chris Green- Associate Professor II Instrumentation & Electronics Rachel Jennische- Professor, Mass Communications Kayla Branum- Budget and Grant Accountant Sam Martin- Instructor for Business Professions Oscar Aguirre- CDL Instructor

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Approval of Minutes of Regular Meeting of August 4, 2020 Mr. Larry Johnson moved, seconded by Mr. Shearer, to approve the minutes of the Regular Meeting of August 4, 2020.

Motion passed unanimously.

Committee Reports

1. Insurance Committee

a. Consider & Approve Bid for Property & Casualty Insurance Committee Chairwoman, Dr. Tara Deaver, reported that the Insurance Committee met recently and approved the only bid received for property, casualty and workers compensation insurance with TASB Risk Management Fund. Claims for natural disaster

such as wind, hurricane, and hail deductibles will be $250,000 per occurrence while deductibles for occurrences due to structural issues will be $25,000 per occurrence. Mr. Larry Johnson moved, seconded by Mr. Bruce Shearer, to accept the bid of $544,396 from TASB for Property and Casualty Insurance. Motion passed unanimously.

2. Property Committee a. Report on Award of Bid for Gym Floor Replacement

Committee Chairwoman, Dr. Tara Deaver, reported that a pipe burst over the main gym floor

causing the floor to elevate 2 feet in that area and will now need to be patched or replaced. TASB approved a total gym floor replacement. The bid for the replacement came in at $108,500 to replace exact floor and update logos and graphics and the deductible cost would be $25,000. The project will take about two and a half months to install and will come with

a guarantee of 5-10 years depending on the type of damage and will come back to refinish the floor for the lifetime of the court.

b. Report on Purchase of Real Property – 203 Cummings Dr.

Committee Chairwoman, Dr. Tara Deaver, reported the Property Committee met recently and approved the purchase of real property 203 Cummings Dr for a cost of $150,000.

c. Consider & Approve Bid for OC Pecos Center Roof Replacement

Committee Chairwoman, Dr. Tara Deaver, reported Pecos Center roofing system has reached end of life and the damage has been connected to hail damage. TASB has approved the replacement of that roof due to the hail damage found, the deductible will be $250,000. Two bids were received, with the bid from Advantage USAA coming in at $260,000. Mr. Gary Johnson moved, Mr. Bruce Shearer seconded to replace the Pecos Center roof and utilizing the bid from Advantage USAA.

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Motion passed unanimously.

3. Finance Committee a. Conformation of 2019-2020 Budget to Actual Expenditures at End of Year

Committee Chairman, Mr. Gary Johnson, stated that the college is required by law to

conform the budget to actual expenditures on an annual basis. Mr. Gary Johnson moved, seconded by Mr. Shearer, that the current budget for 2019-2020 is hereby adjusted to conform to actual expenditures at the end of the fiscal year ending August 31, 2020. Motion passed unanimously.

b. Discuss & Recommend Tax Rate for the 2020 Tax Year

Mr. Gary Johnson stated that the Finance Committee recommends a tax rate of: $0.162721 For Maintenance & Operations 2,2% more than last year’s rate $0.026244 For Debt Service -4.8% less than last year’s rate $0.188965 TOTAL RATE 1.2% more than last year’s rate Mr. Gary Johnson moved, seconded by Mr. Bruce Shearer, to propose the following tax rate to support the operating budget for 2020-2021:

$0.62721 for Maintenance and Operations

$0. 026244 for Debt Service

Total proposed tax rate $0.188965

Motion passed unanimously.

Financial Reports

1. Monthly Financial Statements & Budget Amendments Ms. Brandy Ham highlighted various areas of the financial statements and budget amendments as printed below:

(Kristi Gibbs will put financial reports in minute book)

Mr. Neil Grape moved, seconded by Mr. Bruce Shearer, to approve the Monthly Financial Statements and Budget Amendments.

Motion passed unanimously.

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2. Quarterly Investment Report

Ms. Ham reviewed the Quarterly Investment Report for the quarter ending May 31, 2020, including our statements of compliance and a snapshot of the portfolio:

Face Amount/Shares $ 31,118,548.48 Market Value Total $ 31,218,957.62 Book Value Total $ 31,216,671.30 Yield to Maturity 2.39 Days to Maturity 179

Ms. Ham reported the following quarter end results by Asset Class for the quarter ending May 31, 2020, as follows:

Market Value Book Value (Cost) Yield

CD’s $ 2,254,254 $ 2,234,250 1.52%

Municipal Bonds $ 9,084,894 $ 8,980,768 2.10%

Money Market $ 1,292,831 $ 1,292,831 .14%

Public Investment Pools $ 24,876,490 $ 24,876,490 .87%

TOTAL $ 37,508,469 $ 37,384,339 1.18%

Earnings/ Rate of Return Interest Earned

This Quarter $ 136,504

Fiscal Year $ 367,643

Budget for FY20 $ 445,000 The annualized total rate of return on May 31, 2020, was 1.40%. Benchmark Yield is 0.23%

Mr. Gary Johnson moved, seconded by Mr. Coach Pressly, to approve the Quarterly Investment Report.

Motion passed unanimously.

Review of Organizational Structure of 2020-2021

Mr. Ken Zartner discussed changes in the organizational chart. Tanisha Muhammad, Executive Director of Student Learning Resources now reports to Chief of Staff, Robert Rivas. Ana Melendez, Executive Director of Data Management now oversees the Information Services Department reporting to Dr. Donald Wood. Kristi Clemmer’s title has transitioned to Director of Student Support Services overseeing the food pantry, pantry gardens, veteran services, special population services and mental health services. Academic Success Coaches now are within the Division of Instruction and each report to a lead Academic Success Coach who then reports directly to the dean of their college. Mireya Jacuinde now serves as the Lead Academic Success Coach over Business and Industry. Chelsy Nanny now serves as the Lead Academic Success Coach over Health Sciences. The Lead Academic Success Coach over Liberal Arts & Education position is currently vacant. Lastly, Dr. Denise Perdue in the Transitional Learning Center now resides in the Instruction Division reporting to Dr. Janice Hicks.

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Education Report: Professional Learning Center Update

Mr. Brian Jones, Director of the Professional Learning Center introduced the team that works in his department. He indicated the goal of his department is to create learning opportunities. PLC has hosted 323 sessions resulting in 5,676 hours of professional learning in 2019-2020. Fifty college employees presented sessions and more than 10 community partners. The PLC was available to faculty and staff during the start of the COVID-19 pandemic to help our campus transition to 100% virtual learning through Blackboard Collaborate. As an AVID for higher education site, in February Odessa College utilized AVID Digital XP to provide feedback to the program to make it better. As Odessa College moved to the cloud version of Blackboard Learning System the PLC played a pivotal role in assisting instructors to this updated system. PLC also led the effort in conjunction with the instructional leadership team to support faculty through the QC2 2.0 program. PLC had more than 250 in person visits for Blackboard assistance. They also offered 3,200 minutes in phone support and 1,045 instances of email support during the 2019-2020 academic year. Mr. Jones discussed what’s next in the Professional Learning Center. Odessa College is moving from the idea of professional development to professional learning to encourage a growth mindset. This year all full-time employees will be eligible for the $250 stipend for completing 10 professional learning credits.

Institutional Effectiveness Report Dr. Donald Wood explained how many institutions struggled to quickly make an adjustment in the spring 2020 to move to 100% virtual education. During the 2020 spring, summer and maymester terms, Odessa College saw record breaking enrollments. During the spring 2020 term only 2% of students dropped courses during the time of COVID-19 with an 82% success rate proving to be the best spring ever. As a comparison, in 2010 before the time of efforts such as the Drop Rate Improvement Program and Academic Success, Coaches Odessa College students had a 12% drop rate and 70% success rate during that year. Our spring 2020 first time in college students had 75% success rate and a 1% drop rate proving again to be the best spring ever for this group of students. President’s Report

1. 30 for 30 Fitness Challenge

Join us for the Facebook Live virtual kick-off event on Thursday, August 27, at noon. Registration continues. This year’s participants will be competing for a Peloton bike or a Mirror Home Fitness System for the Grand Prize. This is the 14th annual 30 for 30 Fitness Challenge.

2. Drive to Success COVID-19 will not stop some deserving student from earning a brand new Ford Mustang. This year, we will host the event on OC’s campus in the amphitheater behind the Saulsbury Campus Center on Thursday, September 3 at 5:30 p.m. This year’s sponsors include Sewell Ford, Taco Villa/ Rosa’s, Prosperity Bank, Lone Star Corporation and the University of Texas Permian Basin.

3. Gene Agnew’s Retirement Gene Agnew’s last day at Odessa College will be August 31. Mrs. Agnew served Odessa College for 30 years 18 of them as the Assistant to the President. Odessa College will be celebrating Mrs. Agnew on Friday, August 28, from 10:00 – 10:45 a.m. in the Zant Community Room in the Saulsbury Campus Center.

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Adjournment

The meeting was adjourned at 7:39 p.m. __________________________________ __________________________________ Secretary Chair

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2020 Roll 2019 Roll Annual Increase

PROPERTY VALUESMineral Property 1,452,556,166$ 1,918,691,417$ -24.3%Real Estate - Residential, Farm & Ranch 8,389,262,455 7,880,984,543 6.4%Real Estate - Commercial & Industrial 4,499,086,720 4,476,578,756 0.5%Personal Property 4,512,979,582 4,930,108,751 -8.5% Less: Exemptions (3,244,370,643) (3,254,441,569) -0.3%

NET TAXABLE VALUES 15,609,514,280$ 15,951,921,898$ -2.1%

TAX RATES: Proposed Current Year

For Maintenance & Operations 0.162721$ 0.159228$ 2.2%For Debt Service 0.026244$ 0.027562$ -4.8%Total Combined Tax Rate 0.188965$ 0.186790$ 1.2%

2020 No-New-Revenue Tax Rate (a) 0.189145$ 2020 Proposed Rate (b) 0.188965$ Effective Tax Increase [(b-a)/a] -0.10%

2020 Maximum Voter-Approval Tax Rate 0.200490$

TAX LEVY (Revenue): Proposed Current Year

For Maintenance & Operations 25,399,926$ 25,399,926$ 0.0%For Debt Service 4,096,652 4,396,775 -6.8%

Total Tax Revenue 29,496,578$ 29,796,701$ -1.0%

Average Home Value: Proposed Current Year

Average Home Market Value 210,925$ 194,334$ 8.5%Average Home Taxable Value 167,188$ 152,191$ 9.9%

Average Annual Tax Bill: 315.93$ 284.28$ 11.1%Annual Increase 31.65$ Monthly Increase 2.64$

ODESSA COLLEGE TAX RATE PROPOSAL

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INVESTMENT POLICY

of the

ODESSA COLLEGE DISTRICT

Date of Review September 22, 2020

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ODESSA JUNIOR COLLEGE DISTRICT

Resolution

ANNUAL REVIEW OF INVESTMENT POLICY

September 22, 2020

Whereas, Sec. 2256.005 (e) of the Texas Public Funds Investment Act states: "The governing body of an investing entity shall review its investment policy and investment strategies not less than annually. The governing body shall adopt a written instrument by rule, order, ordinance, or resolution stating that it has reviewed the investment policy and investment strategies and that the written instrument so adopted shall record any changes made to either the investment policy or investment strategies.";

Whereas, the investment officer has reviewed the policy and strategies with the finance committee of the board, and the finance committee has recommended changes to the investment policy and investment strategies, as fully described in Exhibit A; Be it resolved that the Board of Trustees of ODESSA COLLEGE DISTRICT has on this date reviewed its investment policy and strategies and the proposed changes, and hereby adopts said policy and strategies.

The effective date of the Investment Policy shall be August 25, 2020. ____________________________________ Presiding Officer, Board of Trustees Attest: ___________________________________ Secretary, Board of Trustees

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EXHIBIT A

CHANGES TO INVESTMENT POLICY

August 25, 2020

Section 5.6 (Commercial Paler) is amended to change the stated number of maturity days from 270 days to 365 days from the issuance date of commercial paper.

5.6 Commercial Paper. a. The stated maturity shall not exceed 365 days from the issuance date.

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ODESSA COLLEGE DISTRICT INVESTMENT POLICY

May 2019

Table of Contents Article I – Purpose and Objectives 1.1 Purpose of Policy 1.2 Investment Objectives 1.3 Annual Review of Investment Policy Article II – Scope and Strategy 2.1 Scope 2.2 Written Investment Strategy Article III – Investment Personnel 3.1 Designated Investment Officer 3.2 Term 3.3 Statement of Interest and Affiliation 3.4 Standard of Care 3.5 Personal Responsibility Article IV – Training and Requirements 4.1 Initial Training 4.2 Continuing Training 4.3 Topics Article V – Authorized Investments 5.0 Maximum Maturities 5.1 Obligations of or Guaranteed by Governmental Entities 5.2 Certificates of Deposit 5.3 Repurchase Agreements 5.4 Reverse Repurchase Agreements 5.5 Bankers’ Acceptances 5.6 Commercial Paper 5.7 No-Load Money Market Mutual Fund 5.8 No-Load Mutual Fund 5.9 Public Funds Investment Pools 5.10 Corporate Bonds Article VI – Unauthorized Investments Article VII – Investment Procedures 7.1 General 7.2 Authorized Business Organizations Article VIII – Reporting Requirements 8.1 Internal Management Reports 8.2 Methods to Monitor Market Prices and Ratings Changes 8.3 Audit Reports Exhibit A – Certification by Business Organization

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ODESSA COLLEGE DISTRICT INVESTMENT POLICY ARTICLE I PURPOSE AND OBJECTIVES 1.1 Purpose of Policy. The purpose of this Investment Policy is to provide the District with

specific guidelines so that the return on available cash reserves in each of the funds under its control may be maximized while the risk to invested capital may be minimized.

1.2 Investment Objectives. Investment of funds shall be governed by the following investment

objectives, in order of priority, for each investable fund listed in Article II.

a. Safety of Principal - to ensure that potential capital losses are avoided by minimizing both credit risk and interest rate risk.

Credit Risk – The District will minimize credit risk, the risk of loss due to the failure of the issuer or backer of the investment, by limiting investment to the safest types of investments, pre-qualifying the financial institutions and broker/dealer with

which the District will do investment business, and diversifying the portfolio to avoid concentrations within individual

financial institutions or types of investments. Interest Rate Risk – The District will manage the risk that interest earnings

and the market value of investments will fall due to changes in general interest rates by limiting the maximum weighted average maturities of the

investment pools, structuring maturities to meet cash requirements to avoid the need

to liquidate investments prior to maturity, and diversifying maturities and staggering purchase dates to minimize

the impact of interest rate movements over time. b. Liquidity - by structuring maturities to enable the District to meet all cash

requirements that might reasonably be anticipated. Because all possible cash demands cannot be anticipated, a portion of the portfolio will be invested in shares of money market mutual funds or local government investment pools that offer same-day liquidity. In addition, a portion of the portfolio will consist of securities with high marketability in secondary or resale markets.

c. Yield - to attain a market rate of return throughout budgetary and economic cycles, commensurate with prudent risk constraints and the cash flow requirements of the District. Specifically, the portfolio shall be designed with the objective of regularly meeting or exceeding the average rate of return on U.S. Treasury Bills with a maturity comparable to the portfolio’s weighted average maturity.

d. Public Trust - in recognition of the District's primary educational mission and its role as a custodian of the public trust, to avoid any transaction that might impair

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public confidence in its ability to govern effectively. 1.3 Annual Review of Investment Policy. The Board of Trustees shall review the Investment

Policy and Investment Strategy not less than annually and shall adopt a written resolution stating that it has reviewed the investment policy and investment strategies. The resolution so adopted shall record any changes made to either the investment policy or investment strategies.

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ARTICLE II SCOPE AND STRATEGY 2.1 Scope. This Investment Policy applies to all financial assets of the District which

are accounted for in its annual financial report and may include:

a. The Pooled Operating Funds consisting of: 1. Current unrestricted funds, 2. Current restricted funds whose investments are required by state or

federal laws or board policy, 3. Endowment funds, and 4. Agency funds held in trust for others.

b. Unexpended Bond Proceeds; c. Debt Service Interest and Sinking Funds; d. Debt Service Reserve Funds; e. Renewal and Replacement Funds; f. Any new fund or trust created by the District, unless specifically

exempted from this Policy by the Board of Trustees or by State or Federal law.

2.2 Written Investment Strategy. Each major fund or fund group identified above has varying

cash flow requirements and liquidity needs. Therefore, specific investment strategies shall be implemented and changed from time to time considering the fund's unique requirements, as well as changes in market and interest rate conditions. The Investment Officer will review the current investment strategy, make appropriate revisions, and present an updated Investment Strategy Statement as a part of each quarterly Investment Report (Article VIII). The written Investment Strategy Statement will address each of the investment objectives listed above.

a. The investment strategies for the Pooled Operating Funds have as their primary

objective the assurance that anticipated cash flows are matched with adequate liquidity. A secondary objective is to minimize volatility during economic cycles. Preservation and stability of principal may be accomplished by purchasing high quality, short to medium term securities. The maximum dollar weighted average maturity of the Pooled Operating Funds shall be 548 days, calculated using the stated final maturity dates of each security. No individual security shall have a stated final maturity of more than 5 years, and no more than 50 percent of the pooled operating funds shall be invested in securities having a stated final maturity of more than 2 years.

b. The investment strategies for Unexpended Bond Proceeds have as their primary

objective the ability to generate a dependable revenue stream with a low degree of volatility. The investment maturity of bond proceeds (excluding reserve and debt service fund) shall generally be limited to the anticipated cash flow requirement of the "temporary period,” as defined by Federal tax law. During the “temporary period,” bond proceeds may be invested at an unrestricted yield, subject first to the

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objectives of preservation of principal and liquidity. After the expiration of the temporary period, bond proceeds subject to yield restriction shall be invested considering the anticipated cash flow requirements of the funds and market conditions to achieve compliance with the applicable regulations.

c. Investment strategies for Debt Service Interest and Sinking Funds have as their

primary objective the assurance of investment liquidity adequate to cover obligations on required payment dates. Funds shall be invested in such a manner so that the maturity date of any investment does not exceed an unfunded debt service date. The bond trustee will invest District funds that have been placed on deposit with the trustee in money market funds, local government investment pools and U.S. government obligations with maturities matching semiannual debt service requirements.

d. Investment strategies for Debt Service Reserve Funds have as their primary

objective the ability to generate a dependable revenue stream with a low degree of volatility. Market conditions, bond resolution covenants and arbitrage regulation compliance will be considered when formulating Reserve Fund investment strategy. Except as otherwise required, securities should be of high quality, with short to intermediate term maturities. Maturity limitations shall generally not exceed the call provisions of the bond resolution and shall not exceed the final maturity of the bond issue. The bond trustee will invest in securities that satisfy the Public Funds Investment Act and the terms of the trust indenture and bond resolution.

e. The investment strategies for Renewal and Replacement Funds have as their

primary objective the assurance that anticipated cash flows are matched with adequate liquidity. As a result, the appropriate investment scenarios for these funds may change from year to year as plans are developed for the expenditure of these funds. Preservation and stability of principal may be accomplished by purchasing high quality, short to medium term securities. The maximum dollar weighted average maturity of the Renewal and Replacement Funds shall be 2 years. No individual security shall have a stated final maturity of more than 5 years, with no more than 50 percent of the funds invested in securities having a stated final maturity of more than 2 years.

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ARTICLE III INVESTMENT PERSONNEL 3.1 Designated Investment Officer. The Chief Financial Officer shall be designated by

resolution as the District's Investment Officer. The Investment Officer will approve all transactions conducted within the investment portfolio. The Investment Officer and Chairperson of the Finance Committee of the Board of Trustees or a designated alternate will be responsible for monitoring and reviewing all investment activity on a routine basis. The Executive Director of Finance and the Controller shall be designated as the District’s Investment Officers to act in the absence of the Chief Financial Officer.

3.2 Term. Investment authority granted to the Investment Officer(s) to deposit, withdraw,

invest, transfer, or manage the District's funds is effective until transcended by a resolution of the Board of Trustees.

3.3 Statement of Interest and Affiliation. Each Investment Officer shall file a statement

disclosing any personal business relationships (as defined by Sec 2256.005 of the Government Code) with an entity seeking to engage in an investment transaction with the District. In addition, the Investment Officer shall file a disclosure statement if the officer is related within the second degree by affinity or consanguinity, as determined under Chapter 573, Government Code, to an individual seeking to engage in an investment transaction with the District. Such statements must be filed with the Texas Ethics Commission and with the Board of Trustees of Odessa College.

3.4 Standard of Care. Investment decisions shall be made with judgment and care, under prevailing circumstances, that a person of prudence, discretion, and intelligence would exercise in the person's own affairs, not for speculation, but for investment. The decisions shall be governed by, in order of priority, safety of principal; liquidity; and yield. The prudence of these decisions shall be determined by taking into consideration the investment of all funds in the District's portfolio and whether the decision is consistent with the District's written Investment Policy.

3.5 Personal Responsibility. The designated Investment Officers shall perform their duties in

accordance with the adopted Investment Policy. The designated Investment Officers, when acting in accordance with written procedures and this investment policy and exercising due diligence, shall be relieved of personal liability.

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ARTICLE IV TRAINING REQUIREMENTS 4.1 Initial Training. The Investment Officers of the District shall attend at least one training

session relating to the Officer's investment responsibilities within 6 months after taking office or assuming the investment duties. Each member of the governing board shall attend at least one training session or view the state-approved investment training video within 6 months after taking office.

4.2 Continuing Training. Thereafter, the Investment Officers must attend an investment

training session not less than once in a two-year period that begins on the first day of the District’s fiscal year and consists of the two consecutive fiscal years after that date from an independent source approved by the Board of Trustees. The Center for Public Management at the University of North Texas and the TexPool Academy online training program are approved by the Board of Trustees as providers of continuing investment training.

4.3 Topics. Such training shall include education in investment control, security risks, strategy

risks, market risks, diversification of investment portfolio, and compliance with the Texas Public Funds Investment Act, as amended.

ARTICLE V AUTHORIZED INVESTMENTS District funds shall be invested only in the following authorized investments in accordance with the Texas Public Funds Investment Act, as amended: 5.0 Maximum Maturities: In addition to any further maturity restrictions specified in

sections 5.1 through 5.9 below, the District a. will maintain a maximum average dollar-weighted maturity of 548 days for its

pooled operating funds; b. will not invest more than 50% of pooled operating funds in securities maturing

more than two (2) years from the date of purchase; c. will not invest more than 50% of renewal and replacement funds in securities

maturing more than two (2) years from the date of purchase; and d. will not invest in any individual security maturing more than five (5) years from

the date of purchase. However, the District may invest its bond reserve funds in authorized securities exceeding

these maturity limitations if the maturities are made to coincide as nearly as practicable with the expected use of the funds, do not exceed the call provisions of the bonds, and do not exceed the final maturity of the bond issue.

5.1 Obligations of, or Guaranteed by, Governmental Entities.

a. Obligations of the United States or its agencies and instrumentalities, including

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U.S. Treasury Bonds, U.S. Treasury Notes, and U. S. Treasury Bills; b. Direct obligations of the state of Texas or its agencies and instrumentalities; c. Collateralized mortgage obligations directly issued by a federal agency or

instrumentality of the United States, the underlying security for which is guaranteed by an agency or instrumentality of the United States;

d. Other obligations, the principal and interest of which are unconditionally guaranteed or insured by, or backed by the full faith and credit of, the state of Texas or the United States or their respective agencies and instrumentalities, including obligations that are fully guaranteed or insured by the Federal Deposit Insurance Corporation or by the explicit full faith and credit of the United States; and

e. Obligations of states, agencies, counties, cities, and other political subdivisions of any state rated as to investment quality of not less than A by a nationally recognized investment rating firm.

5.2 Certificates of Deposit.

a. The District shall invest funds in certificates of deposit through: 1. A broker that has its main office or a branch office in this state and is

selected from a list adopted by the District as required by this policy; or 2. A depository institution that has its main office or branch office in the state

of Texas and is selected from a list adopted by the District as required by this policy;

b. The broker or depository institution shall arrange for the deposit of the funds in certificates of deposit in one or more federally insured depository institutions for the account of the District;

c. The full amount of the principal and accrued interest of each of the certificates of deposit must be insured by the FDIC or an instrumentality of the United States; and

d. The District shall appoint the depository institution or a clearing broker-dealer registered with the Securities and Exchange Commission and operating pursuant to SEC Rule 15c3-3 as custodian for the certificates of deposit.

5.3 Repurchase Agreements.

a. A "repurchase agreement" means a simultaneous agreement to buy, hold for a specified time, and sell back at a future date obligations described by Article 5.1 above. The agreement must have a defined termination date no greater than 2 years from the date of purchase.

b. The agreement must be secured in accordance with the Texas State Public Funds Investment Act, as amended.

c. The securities must be pledged to the District, held in the District's name, and deposited at the time the investment is made with the District or with a third party selected and approved by the District.

d. The agreement must be placed through a primary government securities dealer, as defined by the Federal Reserve, or a financial institution doing business in Texas.

5.4 Reverse Repurchase Agreements.

a. The term must not exceed 90 days after the date the reverse repurchase agreement is delivered.

b. Money received under the terms of a reverse repurchase agreement shall be used to

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acquire additional authorized investments, but the term of the authorized investments acquired must mature no later than the expiration date stated in the reverse security repurchase agreement.

5.5 Bankers' Acceptances.

a. The stated maturity shall not exceed 270 days from the issuance date. b. The investment shall be fully liquidated at maturity. c. The investment may be used as collateral for borrowing from a Federal Reserve

Bank. d. The investment may only be accepted by a bank organized and existing under the

laws of the United States or any state, if the short-term obligations of the bank or of a bank holding company (of which the bank is the largest subsidiary) are rated not less than A-1, P-1, or an equivalent by at least one nationally recognized credit rating agency.

5.6 Commercial Paper.

a. The stated maturity shall not exceed 365 days from the issuance date. b. The paper must be rated not less than A-1, P-1, or an equivalent by at least:

1) two nationally recognized credit rating agencies; or 2) one nationally recognized credit rating agency and is fully secured by an

irrevocable letter of credit issued by a bank organized and existing under the laws of the United States or any state.

5.7 No-Load Money Market Mutual Fund.

a. Such fund must be registered with and regulated by the Securities and Exchange Commission (SEC).

b. Such fund must have a dollar-weighted average stated maturity of not more than 90 days.

c. Such fund must include in its investment objectives the maintenance of a stable net asset value of $1 for each share.

d. The District may not invest, in the aggregate, more than 80% of its monthly average fund balance, excluding bond proceeds and reserves and other funds held for debt service, in such fund.

f. The District's portion may not exceed 10% of the total assets of any individual money market mutual fund.

g. Such fund must provide the District with a prospectus and other information required by the Securities Exchange Act of 1934 or the Investment Company Act of 1940.

5.8 No-Load Mutual Fund.

a. The fund must be registered with the Securities and Exchange Commission (SEC). b. The fund must have a weighted average maturity of less than 2 years. c. The fund must be invested exclusively in obligations approved by the Texas Public

Funds Investment Act, as amended. d. The fund's investment quality must be continuously rated not less than AAA or its

equivalent by at least one nationally recognized rating firm. e. The District may not invest in the aggregate more than 15% of its monthly average

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fund balance, excluding bond proceeds and reserves and other funds held for debt service, in such fund.

f. The District may not invest any portion of bond proceeds, reserves, or funds held for debt service in mutual funds described by Article 5.8.

5.9 Public Funds Investment Pools.

a. The District must authorize investments to be made through a particular pool by resolution.

b. The investment pool must furnish to the investment officer an offering circular or other similar disclosure instrument than contains information required by Sections 2256.016 (b) through (h) of the Texas Public Funds Investment Act, as amended.

c. An investment pool created to function as a money market mutual fund must mark its portfolio to market daily and, to the extent reasonably possible, stabilize at a $1 net asset value.

d. A public funds investment pool that is managed by a state agency shall establish an advisory board in accordance with the Texas Public Funds Investment Act, as amended.

e. A public funds investment pool must be continuously rated no lower than AAA or AAA-m or at an equivalent rating by at least one nationally recognized rating service.

5.10 Corporate Bonds.

a. The District may invest in corporate bonds, debentures, or similar debt obligations rated by a nationally recognized investment rating firm in one of the two highest long-term rating categories, as authorized by Section 2256.020 (Authorized Investments for Institutions of Higher Education.)

b. The District shall not invest, in the aggregate, more than 25% of its monthly average fund balance, excluding bond proceeds and reserves and other funds held for debt service, in such investments.

ARTICLE VI UNAUTHORIZED INVESTMENTS 6.1 The District shall not invest in:

a. Obligations whose payment represents the coupon payments on the outstanding principal balance of the underlying mortgage-backed security collateral and pays no principal (interest-only strips);

b. Obligations whose payment represents the principal stream of cash flow from the underlying mortgage-backed security collateral and bears no interest (principal-only strips);

c. Collateralized mortgage obligations the interest rate of which is determined by an index that adjusts opposite to the changes in a market index (inverse floaters); or

d. Collateralized mortgage obligations that have a stated final maturity date of greater than 10 years.

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6.2 The District shall not invest any bond proceeds, interest and sinking funds, or reserve funds in any securities or obligations not otherwise authorized by the applicable bond resolution.

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ARTICLE VII INVESTMENT PROCEDURES 7.1 General.

a. All vouchers, checks, drafts, and certificates of deposit, and any other instruments necessary in the transaction of the District's financial affairs shall bear the signature of any two (2) District officers except orders for the release or exchange of securities held as collateral for the District's funds on deposit with its depository bank, which shall require a signature as set forth on the Pledged Signature Authorization Form on file with the bank.

b. Pursuant to the Texas Public Funds Investment Act, funds may be transferred by electronic means.

c. All security transactions, except investment pools and mutual funds, shall be conducted on a delivery versus payment (DVP) basis. Securities will be held by a third party custodian and evidenced by safekeeping receipts.

d. The Investment Officer shall solicit bids for the purchase of certificates of deposit from at least three sources. The bids may be solicited orally, in writing, electronically, or in any combination of the above. Oral bids shall be recorded by the Investment Officer and shall include the bidder’s name, telephone number and date of offer.

7.2 Authorized Business Organizations.

a. The Investment Officer must present a written copy of the District's Investment Policy to each person or organization offering to engage in an investment transaction with the District.

b. The District is prohibited from purchasing investments unless the qualified representative of the business organization offering to engage in an investment transaction has signed and delivered a written instrument (in substantially the form as provided in Exhibit A) stating that the business organization:

(1) has received and reviewed this Investment Policy and (2) has implemented reasonable procedures and controls in an effort to

preclude investment transactions conducted between the District and the organization that are not authorized by this investment policy, except to the extent that this authorization is dependent on an analysis of the makeup of the District’s entire portfolio or requires an interpretation of subjective investment standards.

c. The Board of Trustees or the Finance Committee of the Board of Trustees shall annually review, revise, and adopt a list of qualified business organizations authorized to engage in investment transactions with the District.

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ARTICLE VIII REPORTING REQUIREMENTS 8.1 Internal Management Reports.

a. The Investment Officer shall prepare a written quarterly report of investment transactions.

b. The report shall be signed by the Investment Officer and presented to the Board of Trustees and the President of the College within a reasonable time after the end of the quarter.

c. The report must present detailed and summary investment information as prescribed in Section 2256.023 (b) of the Texas Public Funds Investment Act.

d. The report shall compare the portfolio’s interest earnings to a performance standard. The benchmark shall be the average rate of return on 3-month U.S. Treasury Bills.

e. The report shall state the compliance of the investment portfolio as it relates to the District's Investment Strategy and the Texas Public Funds Investment Act.

f. The report shall state the investment strategy to be followed for each fund during the next quarterly reporting period.

g. If the District invests in other than money market mutual funds, investment pools or accounts offered by its depository bank in the form of certificates of deposit, or money market accounts or similar accounts, the reports prepared by the investment officers under this section shall be formally reviewed at least annually by an independent auditor, and the result of the review shall be reported to the governing body by that auditor.

8.2 Methods to Monitor Market Prices and Rating Changes

a. Market value shall be defined as the price at which a security is trading and could presumably be sold. For those securities that are not marked to market daily, market values will be determined on a quarterly basis. Acceptable methods of monitoring market prices to be reported in internal and external investment reports include:

1. The Bid price as quoted in the Wall Street Journal, or 2. The written bid indicator quoted by a financial institution or qualified

security broker/dealer who is authorized to engage in investment transactions with the District and independent of the organization from which the security was purchased.

b. Credit ratings of investments that require a minimum rating under the Texas Public Funds Investment Act will be monitored on a monthly basis. The District will immediately liquidate any investment that does not have the minimum rating.

8.3 Audit Reports. A compliance audit of management controls on investments and adherence to this Investment Policy shall be performed in conjunction with the District's annual financial audit.

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EXHIBIT A CERTIFICATION BY BUSINESS ORGANIZATION As required by the Texas Public Funds Investment Act This certification is executed on behalf of ODESSA COLLEGE DISTRICT (the Investor) and

____________________________________________ (the Business Organization) pursuant to

the Public Funds Investment Act, Chapter 2256, Texas Government Code (the Act) in connection

with investment transactions conducted between the Investor and the Business Organization.

The undersigned Qualified Representative of the Business organization hereby certifies on behalf of the Business organization that: 1. The undersigned is a Qualified Representative of the Business organization offering to

enter an investment transaction with the Investor as such terms are used in the public funds Investment Act, Chapter 2256, Texas Government Code and

2. The Qualified Representative of the Business organization has received and reviewed the

Investment Policy furnished by the Investor and 3. The Qualified Representative of the Business organization has implemented reasonable

procedures and controls in an effort to preclude investment transactions conducted between the Business Organization and the investor that are not authorized by the District’s investment policy, except to the extent that this authorization is dependent on an analysis of the makeup of the District’s entire portfolio or requires an interpretation of subjective investment standards.

Qualified Representative of the Business Organization

Signature: Name Title Date Address City, State, Zip

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ODESSA COLLEGE AUTHORIZED INVESTMENT BUSINESS ORGANIZATIONS

Effective September 22, 2020 Upon documented compliance with all requirements of the Odessa College Investment Policy, the business organizations listed below are authorized by the Board of Trustees to engage in investment transactions with the District.

Lone Star Investment Pool LOGIC Government Investment Cooperative TexPool Public Funds Investment Pool Prosperity Bank BBVA Compass Bank JP Morgan Chase Bank Raymond James Financial Wells Fargo Bank Frost Bank Wells Fargo Institutional Brokerage UBS Financial Services Cantor Fitzgerald & Co. Hilltop Securities Inc.

The Investment Officers of Odessa College hereby attest that they (1) do not have a personal business relationship with any of the business organizations listed above and (2) are not related within the second degree by affinity or consanguinity to an individual seeking to sell for any of the organizations.

09/22/2020 Attest Date

09/22/2020 Attest Date

The qualified representative of the business organization offering to engage in an investment transaction with an investing entity shall execute a written instrument in a form acceptable to the investing entity and the business organization substantially to the effect that the business organization has:

(1) received and reviewed the investment policy of the entity; and (2) acknowledged that the business organization has implemented reasonable procedures and

controls in an effort to preclude investment transactions conducted between the entity and the organization that are not authorized by the entity's investment policy.

Approved, this 22nd day of September 2020 ________________________________________ Secretary, Board of Trustees

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ODESSA COLLEGEBUDGET COMPARISON STATEMENT

CURRENT UNRESTRICTED INCOME & EXPENDITURESAugust 31, 2020 and 2019

*** (Preliminary - before Year-end adjustments) ***

THROUGH TOTAL PERCENT THROUGH TOTAL PERCENTAUGUST BUDGET OF AUGUST BUDGET OF

2020 2019-2020 BUDGET 2019 2018-2019 BUDGETRevenues:

State Appropriation 9,644,058 9,641,570 100.0% 8,379,118 8,372,550 100.1%Ad Valorem Taxes 25,437,073 25,705,000 99.0% 23,839,866 23,847,048 100.0%Tuition and Fees - Credit 12,631,518 11,141,892 113.4% 11,240,238 10,982,652 102.3%Tuition and Fees - Non Credit 1,098,488 1,888,367 58.2% 1,119,276 1,727,055 64.8%Federal Grants & Contracts 8,355 13,000 64.3% 15,075 10,000 150.8%Other Income 746,020 1,191,769 62.6% 1,148,143 1,219,763 94.1%Gift Income 121,100 66,676 181.6% 33,634 116,245 28.9%Investment Income 374,178 425,000 88.0% 549,777 350,000 157.1%Total Revenues 50,060,790 50,073,274 100.0% 46,325,127 46,625,313 99.4%

Salaries and Benefits:General Administration 1,920,424 2,022,316 95.0% 1,826,596 2,030,089 90.0%Student Services 2,390,405 2,709,174 88.2% 2,221,746 2,516,233 88.3%General Institutional 2,783,899 3,246,450 85.8% 2,413,356 2,713,335 88.9%Instruction 12,800,679 13,363,338 95.8% 10,561,776 12,396,830 85.2%Instructional Support 3,062,376 3,462,730 88.4% 2,630,911 3,456,843 76.1%Public Service 562,577 731,606 76.9% 638,770 693,426 92.1%Physical Plant 1,034,164 1,115,925 92.7% 998,978 1,077,186 92.7%Staff Benefits 5,439,419 5,592,480 97.3% 5,123,613 5,284,229 97.0% Total Payroll 29,993,943 32,244,019 93.0% 26,415,746 30,168,171 87.6%

Other Operating Expenditures:General Administration 308,692 344,467 89.6% 293,624 333,861 87.9%Student Services 458,494 533,792 85.9% 574,314 511,981 112.2%General Institutional 3,108,198 3,918,962 79.3% 2,891,092 3,546,504 81.5%Instruction 776,975 1,146,707 67.8% 1,272,744 1,060,169 120.1%Instructional Support 504,549 614,862 82.1% 449,540 495,920 90.6%Public Service 117,401 166,723 70.4% 133,937 165,949 80.7%Physical Plant Operations 1,859,928 1,785,904 104.1% 1,590,313 1,544,195 103.0%Utilities 1,046,636 1,115,750 93.8% 1,017,088 1,047,816 97.1%Scholarships & Allowances 1,478,458 1,605,000 92.1% 1,456,729 1,603,700 90.8%

9,659,331 11,232,167 86.0% 9,679,381 10,310,095 93.9%

Transfers In:Bookstore Profit (Loss) 54,093 60,000 90.2% 60,477 65,000 93.0%OER Reserve Fund 100,000 100,000 100.0% 100,000 100,000 n/aOther Auxiliary Profit (Loss) (18,029) (117,730) n/a (47,837) (38,973) n/aInvestment Income - Plant Funds 40,417 20,000 202.1% 92,920 30,000 309.7% Total Transfers In 176,481 62,270 283.4% 205,560 156,027 131.7%

Transfers Out:For Revenue Bond Debt Service - - n/a 2,528,100 2,484,000 101.8%Tuition for TPEG Scholarships 519,472 465,000 111.7% 491,476 450,000 109.2%To Technology Replacement Fund 428,786 600,000 71.5% 450,000 450,000 100.0%To Plant Renew/Replace Fund 788,848 750,000 105.2% 1,658,943 696,079 238.3%To Construction Funds 3,450,000 3,450,000 100.0% 825,000 900,000 91.7%Athletics Subsidy 1,295,774 1,357,214 95.5% 1,408,528 1,296,584 108.6%Other Transfers - 37,144 n/a (89,914) 26,411 n/a Total Transfers Out 6,482,880 6,659,358 97.3% 7,272,133 6,303,074 115.4%

Excess of Revenues overExpenditures and Transfers 4,101,117 - 3,163,427 -

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ODESSA COLLEGEBUDGET ADJUSTMENTS

September 22, 2020

GENERAL CONTINGENCY EXPENDITURES (11-10390-5388)Original Budget, September 1, 2020 $ 550,000

Proposed Adjustments, September 22, 2020 0Balance Remaining for General Contingencies $ 550,000

INCREASES (DECREASES) IN INCOME BUDGETS

None

$ -

INCREASES (DECREASES) IN EXPENDITURE BUDGETS

None

$ -

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ODESSA COLLEGEEXPENDITURE VOUCHERS EXCEEDING $10,000

Aug. 21 - Sep. 17, 2020

DATE PAYEE DESCRIPTION AMOUNT08/26/2020 Blackboard, Inc. Blackboard support 2020-2021 111,060.0008/26/2020 Advantage USAA Inc Pecos Center Roof Repairs 90,649.0008/26/2020 CS ADVANTAGE USAA INC. Roof Replacements - Pay Application #5 Final (Insurance Claim) 214,705.0008/26/2020 A&A Landscape & Maintenance of TX, Remove tree and install rock bed at the Globe Theater 19,295.0008/26/2020 Otis Elevator Company Elevator maintenance 52,452.8408/26/2020 Pitney Bowes Prepaid Postage 16,000.0008/26/2020 Dell Marketing L.P. 13 Replacement Computers for Adult Education Literacy 18,525.0008/26/2020 Dell Marketing L.P. 15 Replacement Computers for Pecos Center 13,275.0008/26/2020 Copy Craft Printers Inc. 5000 OC Face Masks (Cares Grant Funded) 16,043.0008/28/2020 Basin Abstract & Title 203 Cummings Drive Property Purchase 150,829.1309/02/2020 Dell Marketing L.P. Microsoft Enterprise annual license 61,211.7709/02/2020 Alliant Insurance Services Inc. Athletic AD&D Accident Medical 170,194.0009/02/2020 GCA Services Group Custodial Services-August 67,454.7009/02/2020 TACC State Association Membership Dues 2020-2021 22,523.0009/02/2020 Dell Marketing L.P. 15 Replacement Computers for Business Professions Lab 17,700.0009/02/2020 Bauer Sports Floors Main Gym Floor Demo 19,500.0009/09/2020 TASB Risk Management Fund Property, Casualty, Liability insurance 2020-21 544,396.0009/09/2020 City of Odessa Water & Sewer Utilities - August 13,613.1509/09/2020 Synetra, a Computex Technology Solu Access Points to Increase Wi-fi Across Campus (Cares Grant Funded) 84,845.0009/09/2020 KOSA -TV OC Fall Advertisement 25,570.0009/09/2020 Digital Architecture, L.L.C Online Catalog annual subscription 19,489.3509/09/2020 Sewell Ford 2020 Ford Mustang for Drive to Success 29,574.8809/09/2020 Great Western Dining Meal Charges (Week ending 08/26/20 through 09/09/20) 35,983.4209/16/2020 ATI Nursing practice exam software (Funded by student fees) 15,200.0009/16/2020 NRG Energy, Inc. Electric Utilities -August 73,259.7709/16/2020 US Bankcorp Government Leasing Bus Lease Payment 59,093.58

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Available Funds

FY19-20 Allocated frunds from Budget 1,300,000.00$ Board Designated 25% from FY19 Audit 356,642.00$ Foundation Donations Received 1,000,000.00$

2,656,642.00$

Expensed Funds

Admin Fees 13,487.50$ Terrace Appartments 653,383.79$ Health Science Building 56,420.00$

723,291.29$

CK DATE PAYEE DESCRIPTION CURRENT Transfers TOTAL

Admin Fees

Previous Expenditures 13,487.50$

- Total Expenditures to Date 13,487.50$

Terrace Appartments

Previous Expenditures 653,083.79$

09/01/2020 Vanco Insulation Abatement Inc Fence Rental 300.00 300.00

Total Expenditures to Date 653,383.79$

Health Science Building

Previous Expenditures 56,420.00$

- Total Expenditures to Date 56,420.00$

VISION 2030 SUMMARY TO DATEThrough 9/17/20

VISION 2030 CONSTRUCTION EXPENDITURESJAugust 21 - September 17, 2020

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